In the aftermath of the Ukraine conflict, Saudi Arabia has announced that it will raise the price of crude oil shipped to Asia. From April, Aramco, the country’s main oil producer, will re-fix the price of all crude-grade oils. Reuters news.
The official selling price (OSP) of all types of crude oil sold in Asia would be hiked, according to Aramco, the biggest Saudi oil producer, in a statement released on Saturday (March 5th). According to Aramco, the price of Arab light crude will rise by $4.95 a barrel from March of last year.
In comparison to ICE Brent, the ICE Brent in northwestern Europe is fixed at 1.60 per barrel, according to Aramco. 1.80 per barrel higher than in March and 3.45 per barrel higher than the US ASCI (Argus Sour Crude Index); this is 1 higher than in February.
In addition, Russia’s aggressiveness in Ukraine, along with Western sanctions, has resulted in a global energy trade and transportation crisis. It will have an influence on the Asian market starting in April of next year.